When New Yorkers want to upgrade their dwelling, location or even amenities may win over space, but for those that are looking to increase their number of bedrooms, the cost can be a lot bigger than the extra square footage.
RentCafe decided to answer two questions — how much more does it cost to rent a larger home?; and how much more space do you gain by having an extra room? — for the 25 largest U.S cities by population.
Looking at upgrading from a studio to a one-bedroom apartment and a one-bedroom to a two-bedroom place, the website found in those cities:
- It can cost anywhere between $51 and $1,169 more per month on average to move into a one-bedroom apartment from a studio. A further upgrade to two bedrooms can set you back from $43 to $1,710.
- The studio to one-bed upgrade means 7 percent to 43 percent higher rents, and moving from one to two bedrooms in the same city costs from 6 percent to 43 percent more on average per month.
- A one-bedroom apartment is 243 square feet or 51 percent larger than a studio on average in the U.S., while a two- bedroom rental is approximately 292 square feet or 41 percent larger than a one-bed.
Unsurprisingly, New York City was at the high end of costand low end of square footage. When upgrading to a one bedroom, renters will pay $1,169, while the next costliest city, San Francisco, renters pay $778. The highest different in percentage, however, was in Chicago at 43 percent, followed by NYC at 41 percent. But with the higher rent came only 190 more square feet on average in New York City, one of the lowest spaceincreases among the major cities.
New Yorkers looking to move from a one bedroom to a two bedroom will need to pay on average $1,710, a 43 percent increase, which was the highest among all cities. However, with that jump in price comes the biggest increase in space of all the cities — 421 square feet.